Q2. TECHNICAL QUESTION. Consider a firm facing the following cost structure: TC=50+10Q+5Q2 such that the Marginal Cost is given by: MC=10+10Q. Suppose the firm is in a perfectly competitive market. Quantity AFC AVC ATC MC* P TR TC Profits/l 20 30 40 50 60 70 80 *Note. MC computed using MC equation (a). Complete the AFC, AVC, ATC and MC columns in the table [2 marks] (b). For the price levels given (P) in the table, compute the TR, TC and Profits/losses the firm would make at each of these prices [1.5 marks] (c). Does this firm face increasingmarginal returns? Yesor No? Briefly explain [1.5 marks] (d). If the price falls to 30, should the firm shut down? Yes or No? Briefly explain [2 marks] (e). If the price persistently remained at 30, should the firm exit the market? Yes or No? Briefly explain [2 marks]